TurboTax Software Overview |
Posted: November 18, 2017 |
Developed by Michael A. Chipman in the mid-1980s, TurboTax is an American tax preparation software, which is designed to walk users through the process of preparing and filing their tax returns. Instead of spending the entire day filling out forms and waiting in a busy, cramped office, one can use TurboTax to make life easier. TurboTax is considered one of the most popular income tax preparation software, along with TaxAct, and H&R Block. All three are considered standouts when it comes to tax preparation software. You can even use a tax act promo code if you want to avail of it instead of the others, but TurboTax is worth checking out.
TurboTax has various editions. TurboTax Free Edition is online tax software that payers can use for very simple income tax returns. TurboTax Free Edition has no income limits, includes error checking and guarantees 100% accurate calculation. TurboTax Basic is very much like the free version, but it includes features for importing or transferring W-2 and 1099 data, TurboTax return of the previous year and data from ItsDeductible and Mint.com. TurboTax Deluxe, on the other hand, includes all the features in TurboTax Basic along with tools for taking itemized deductions. Another version of the software is TurboTax Premier, which has all the elements of TurboTax Deluxe, with the addition of support for reports of investment gains and losses, rental property income and deductions and employee stock purchase plans. TurboTax Home & Business is another version. It includes all the features in TurboTax Premier and an expanded interview that covers Schedule C for self-employment. TurboTax Business & Home is for S Corps, partnerships, C Corps, or multiple-owner LLCs. And last but not the least, TurboTax Business which includes the features in TurboTax Basic with the addition of Audit Risk Meter, rental property tools, and Schedule C features. Since TurboTax comes up with upgraded versions each year, it would do you well to familiarize yourself with the features of TurboTax 2017 to see if it's worth upgrading to it. It's due for release on December, which would be perfect for the 2017-2018 tax season. There are many websites offering unbiased reviews of the latest version, so make sure to check it out. Apparently, the latest version of TurboTax is using cloud storage, which means accessing your personal information is a breeze no matter what device you're using to access TurboTax. There are many benefits in using TurboTax. Aside from saving you time and effort, it guarantees that tax return calculations are 100% accurate. It also helps taxpayers in maximizing tax savings by checking for oversights and errors, and looking for missed deductions. TurboTax also enables importation of tax information from Vanguard mutual fund and brokerage accounts (Forms 1099-B, 1099-DIV, and 1099-R) to your tax returns. In addition, it also allows the payer to pay federal taxes through credit card and bank transfer. Most important of all, TurboTax assures its users that tax information is kept confidential and secure. Security is always a top priority because in a world where most transactions are computerized and Internet-operated, the last thing a person would want is loss of privacy and mistake in identity. Check out TurboTax' website for more informative articles about the software and other tax-related tips, including common misconceptions about the value added tax (VAT).
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